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(AMIG) American Modern Motorcycle Insurance Review

(AMIG) American Modern Motorcycle Insurance Review

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AMIG insurance a.k.a. American Modern Insurance Group, Inc. is a specialty company that primarily provides property insurance – but also offers a variety of other types of coverage. They provide subsidiary property and casualty insurance for mobile homes, specialty living facilities, rental properties, and seasonal homes. They also provide protection for watercrafts, collector cars, snowmobiles, and motorcycles. The AMIG company headquarters are located in Cincinnati, Ohio and their current CEO is Manuel Rios. The company employs over 1,000 workers and has exceeded $1.1 billion in revenue per year.

One of AMIG’s largest companies is American Family Home Insurance company (not to be confused with American Family Insurance). The company helps provide commercial insurance for landlords and dealers within the housing market. It offers a variety of policies geared towards providing coverage for things like: mortgage fire, debt cancellation, vendors single interest, collateral protection, renters, insurance, credit life, and flood insurance. This company is owned by Munich Re, which is one of the largest corporations in the world – and is licensed to conduct business in all 50 United States.

American Modern Insurance Group (AMIG) Company History

Although this company was founded as a group of primary insurance companies in 1965, it has history extending back to 1938. In 1938, The Midland Discount Corporation was founded in Cincinnati to help with automobile financing. At this time the United States was gradually working its way out of struggles with the Great Depression. By 1949, Midland knew that the mobile home industry was going to develop into a huge industry. At this time they geared their efforts towards specializing in mobile home financing at both retail and wholesale levels.

In order to help the company expand, it made an initial public offering (IPO) of stock in February of 1961. By 1965, it had established American Modern Home Insurance Group as well as American Family Home Insurance Company to do business in the manufactured home insurance marketplace. Both of these companies are still primary subsidiaries of American Modern Insurance Group. In the mid-1970s, the financial struggles greatly affected the mobile home industry – this led to a stoppage in the company’s financial operations in February 1976.

By the 1990s, Midland’s insurance subsidiary, American Modern Insurance Group started to create product lines in niches other than the manufactured housing market. They began by developing a watercraft insurance policy, followed by insurance for collector vehicles a few years later. In the year 2000, they expanded into the motorcycle, ATV, and snowmobile markets after they had purchased the company GuideOne Motorsports. In order to keep up with changing markets, they created new policies to reflect needs in the housing markets – specializing in vacant, seasonal, and rental houses.

The company also expanded its lines of single and dual interest products – developing a line of credit life and disability insurance. These were marketed to the community through the Financial Institutions Division. As the company expanded, it caught the interest of a larger company – Munich Re. In 2008, Midland and its subsidiary companies were bought out by Munich Re – an international corporation with over 47,000 employees and business in more than 40 countries. American Modern Insurance Group is part of Munich Re’s primary insurance operations in the United States. Their company aim has been focused on taking over specialty types of coverage in the insurance market.

American Modern Motorcycle Insurance Coverage Options

American Modern Insurance Group offers a variety of specialty coverage for you and your bike. Before you get a policy through them, or any other company, it’s important to know what type of coverage they offer. Below are various types of coverage that you can purchase through AMIG. This company wants you to “fully enjoy your motorcycle experience, without worrying about your insurance protection.” They allow you to choose between different coverage options depending on your bike and personal situation.

Liability Choice Protection – You have a couple different liability options with AMIG.

  1. Liability-Only Coverage – First you can chose to get a liability-only type policy. This will protect you in the event that you cause damage to another person, their vehicle, and/or property. This is if you want to save yourself money and just get the basic liability needs covered. This is essentially a pretty “bare bones” type policy that isn’t usually recommended.
  2. Liability / Comprehensive / Collision – Your other option is a policy with Liability, Comprehensive, and Collision insurance bundled together. This is the best option if you want to be protected from theft, vandalism, animal damage, weather damage, and be covered if you collide with another object or vehicle.

Accessories Coverage – You’ll get up to $3000 worth of coverage for your permanently-attached accessories. These include non-manufacturer accessories. If you put a lot of work into customizing your bike, then you’ll want to purchase this coverage. If you need more than the standard $3000, they offer higher limits.

Helmet Collision – If your helmet or headgear is damaged in a covered loss, AMIG will pay up to $400 per helmet and $800 per occurrence for replacements. They also provide optional Safety Apparel Coverage to help cover any motorcycle clothing and apparel that is damaged in an accident. This is optional coverage, but may be smart to get if your ride a lot.

Replacement Cost Coverage – With AMIG, your bike won’t suffer from depreciation in cost. This coverage is optional, but if your bike suffers a total loss, it will pay the policy limits to replace your bike. If your bike is stolen or damaged beyond repair, and you purchased Replacement Cost Coverage, AMIG will pay to replace your bike with another of similar kind and quality.

Tow and Emergency Road Service – This is an aspect of Travel Loss Reimbursement that will provide you with towing and emergency road service if you need it. AMIG will pay to policy limits for your tow. If you are worried that you may experience a break down or need some roadside assistance, this should be considered.

Travel Loss Reimbursement – This is an optional type of coverage that AMIG offers, but if you travel a lot, this may be worth looking into. This provides Trip Interruption Coverage so that if your motorcycle is damaged or experiences a break down over 100 miles from your home, they will cover lodging expenses, dining expenses, and finances for alternative transportation home.

American Modern Insurance Group offers insurance for the following:

  • Cruisers
  • Dirt Bikes
  • Dual Purpose Bikes
  • Mopeds
  • Scooters
  • Standard Street Driven Bikes
  • SuperSport Motorcycles
  • Touring Motorcycles
  • Trikes

American Modern Motorcycle Insurance Payment Options

This company is a standout in terms of flexibility of payment time-frames. Compared to most major insurers, they are leagues above the rest. Some companies only allow their customers to make monthly payments. The majority of companies only allow people to pay in full or monthly. Here you have four different payment options for your motorcycle insurance policy.

EZ Pay (Monthly) – They decided to simplify payments for their customers by allowing them to pay 16.7% of their premiums due by the policy effective date. Once this is set up, monthly payments are automatically withdrawn from either a checking or savings account. The great feature here is that you get to pick the day of the month that your payment gets withdrawn.

Full Pay – If you like to pay for your policy all upfront and then not worry about payments, they allow you to pay in full. There are no processing charges and in the long run, you save yourself money on service fees – because there are none with this option. This is the best option to save yourself money if you can afford it.

2 Pay – If it’s easier for you to manage, you can pay your premium in a series of 2 installments a.k.a. 2 Pay. You make your initial payment before the policy effective date, and the second payment a couple months after the policy has been in effect. Once you have made these 2 payments you are covered for the entire term. These do come with some processing fees, which is why the full payment is recommended.

4 Pay – This plan allows you to pay 25% of your total annual premium in a series of 4 installments. So you make one initial payment before the policy effective date, then you’ll be billed in a series of 3 installments after your policy has been in effect. The payment due dates will vary depending on your state. With this option you will also have to deal with service fees for each payment that you make.

American Modern Insurance Group Payment Methods

There are a variety of ways in which you can pay your bills through AMIG. Most are pretty self explanatory. The online payments can be easily set up once you have established your account.

  • Credit Card – You can fill out a payment form and pay for your bills with a credit card. (You may also use a debit card).
  • Electronic Bank Account – You can transfer money electronically using your bank account information.
  • Mail – Simply enclose your payment with your insurance billing information and mail it to AMIG.
  • Online – Like most big companies, they allow you to set up all of your payments online.
  • Phone – You can call them at 800-543-2644 to make a payment. They will guide you through the process and help with any questions that you may have.

Does AMIG offer paperless billing?

Yes. This is a large company that wants to make things as convenient as possible for their customers. If you would like to help reduce waste and make a positive impact on the environment, it is recommended to enroll in paperless billing. You can make all of your payments online and have access to your bills and receipts by logging into your account. If you would like a paper copy at any time, you can simply print them off yourself.

American Modern Motorcycle Insurance Discounts

American Modern Insurance Group offers a wide variety of premium discounts to individuals with motorcycle insurance policies. Discounts can be a great way to further help reduce your premiums and save yourself money.

Claim-Free Discount – If you remain claim free with AMIG, they will give you additional savings on your policy.
Homeowner Discount – If you are a homeowner, you will be given extra savings. This shows that you are responsible with your money and independent.

Motorcycle Safety Course Discount – Completion of a motorcycle safety course will result in you getting a discount on your policy. All you need to do is show your agent proof that you completed the course.

Multi-Bike Discount – If you insure 2+ bikes on the same policy, you will be qualified for an additional discount. For each additional bike that you add to your policy, the more money you could potentially save.

Policy Renewal Discount – If you decide to renew your motorcycle insurance policy for another term with AMIG, you will get more of a discount.

Previous Motorcycle Experience – If you have previous motorcycle experience, you could qualify for an experienced rider discount.

Most people will qualify for one or more of these discounts. All of the discount percentages will vary depending on the state in which you live. Other terms and conditions may apply – so talk to an agent if you’d like more information.

A.M. Best Rating: A+ (Superior)

American Modern Insurance Group, Inc. was given an “A+” rating by A.M. Best. This indicates that they are operating efficiently and are making plenty of money to sustain their operation. Compared to most companies, this rating means that they are operating on a “Superior” level. They are owned by Munich Re – one of the largest companies in the world. This is a company that is unlikely to experience any major financial loss or setback in the near future. The outlook for this company is stable as it continues to grow.

Most people are satisfied with the coverage that they get through AMIG. Based on independent reviews online, AMIG has been given a 3.7/5 stars. This translates to roughly a 74% satisfaction rating. This is pretty favorable considering that most people who write reviews about a company online are bashing it. The information collected as well as customer satisfaction rating should indicate that this is a pretty solid company to do business with. Their primary customers are individuals looking for specialty types of coverage. The only downside of this company is that they aren’t really a one-stop shop for insurance needs and bundling.

Get Free AMIG Motorcycle Insurance Quotes Online!

If you are looking at AMIG for your motorcycle insurance needs, you should first compare them with some other major insurers. There are plenty of great companies with different policy options and discounts that may be able to give you a better deal. In order to find the best company based on your bike and location, enter your ZIP CODE into the quote box below (or at the top of the page). This will provide listings of the top insurers in your area so that you can compare their quotes and decide which company suits your needs.

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